There have been allegations recently that the Sui Foundation is selling SUI staking rewards on Binance. However, the altcoin project has responded to the allegations and said that it does not sell on Binance or elsewhere. Additionally, the Sui Foundation stated that it is on track to unlock SUI tokens as it aims to double the supply by November.
Altcoin project denies selling staking rewards on Binance!
cryptocoin.com As you follow, there have been allegations that Sui Foundation has sold SUI staking rewards on Binance recently. However, the Sui Foundation, which established the Sui crypto network today, clarified this issue. The foundation said in a statement that it does not sell staking rewards on the Binance crypto exchange. Regarding the matter, the Organization released the following statement on its official Twitter account:
The Sui Foundation did not sell staking rewards or any other tokens from staked SUI on Binance or otherwise locked and uncirculated. All insider token allocations remain subject to and compliant with lockdowns and other restrictions on transfer.
Sui Foundation has not sold staking rewards or any other tokens from locked and non-circulating staked SUI on Binance or otherwise.
All insider token allocations remain subject to and compliant with their lock ups and other restrictions on transfer.
— Sui Foundation (@SuiFoundation) June 27, 2023
Additionally, the Foundation said that the SUI token unlocking is “progressing as planned.” The foundation stated that it will soon release a detailed projection of the token release schedule. Sui was aiming to issue 61 million tokens worth $62 million on June 3. Also, his plans included doubling the token supply by November of this year. According to Coinmarketcap, the altcoin project currently has a market cap of $435 million. Currently, more than 604 million SUI tokens are in circulation.
At press time, the altcoin was trading at $0.7242, down 0.77% on a daily basis. Despite the positive mood in the crypto market, SUI remains in the red zone on a weekly basis as well. SUI lost nearly 8% on the last day. The monthly outlook for the cryptocurrency is also dark red. Because SUI has seen a decrease of about 27% in the last 2 months. Therefore, SUI has not been able to capitalize on the positive market mood led by the leading crypto Bitcoin.
sui main net
Web3 infrastructure firm Mysten Labs launched Sui main-net on May 3. Sui competes with other Tier 1s like Solana thanks to its increased block precision. Also, Blockchain is capable of supporting up to 300,000 transactions per second with 100 test-net validators.
Mysten intended to sell Tier 1’s local asset on Binance, in addition to other exchanges such as OKX, Bybit, and Kucoin. On June 5, the U.S. Securities and Exchange Commission sued Binance for alleged financial misconduct.
